Current business owner getting started in REI

[Jeremiah T.]

I'm the founder/president of a consulting firm and I've built my company from zero dollars to a multimillion dollar firm, in solid financial standing. Given the business acumen I've developed over the years, but having a zero experience track record in REI... would a traditional commercial lender view me as slightly less of a risk due to my background?

I realize the degree of comfortability will depend upon the bank/officer, but as a generality... any other business owners find it "easier" to obtain traditional lending without a previous track record?

[Peter Mac]

Hi Jeremiah. Good job on building a company. A commercial lender will view you as slightly less risk due to your background. If you run into cash problems, the lender will be confident that you can provide and keep the payments up so they would not have to foreclose. I would highly recommend speaking to a loan officer, but lenders will not feel easier with the fact that you have no background in REI.

The next best step is to take action. Call 3 commercial loan officers from banks, credit unions, or even a mortgage broker. I'd like to hear what they say.